ING Lowers Term Life Insurance Rates, Again

In its effort to be a leading contender in the ultra-competitive term life insurance market, ING said today that it has again lowered premiums in most issue ages and underwriting classes for its ING TermSmart term life insurance products offered through its life insurance companies.

Late in 2005, ING announced that it was looking to significantly increase its term life insurance business with more competitive pricing and the introduction of new products. The company has since introduced new products, including return-of-premium term life insurance, lowered its term life insurance rates several times, expanded its distribution, and streamlined much of its term life insurance underwriting processes.

The ING life companies' half-year term life insurance sales grew 232 percent from 2006 to 2007. According to sales numbers posted by industry association LIMRA International, total term sales grew industry-wide by 8 percent over the same period.

"The market is responding to our term life insurance efforts," said Dan Mulheran, president of ING Life Distribution. "With our continued review of rates in the market, we remain extremely competitive. Our growth stems from our combination of competitive pricing, strong distribution, and a well- recognized brand."

ING TermSmart and ING TermSmart*NY, are offered at 10-, 15-, 20- and 30- year terms. The product can be converted to select cash-value policies issued by a member of the ING family of companies without evidence of insurability.

* All guarantees are based on the financial strength and claims-paying ability of ReliaStar Life Insurance Company or ReliaStar Life Insurance Company of New York, who are solely responsible for all obligations under their policies. Nor are policies insured by any federal government agency.

Source: ING